International Public Partnership Ld Carillion Update (6611M)
May 01 2018 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 6611M
International Public Partnership Ld
01 May 2018
CARILLION UPDATE
1 May 2018
International Public Partnerships Limited ('the Company',
'INPP'), the listed infrastructure investment company, provides an
update on the impact of the collapse of Carillion plc ('Carillion')
on its business and investment activities.
The Company is pleased to announce good progress with the
orderly transition of responsibility for facilities management
services on the 24 individual facilities (representing c.3% by
investment fair value) within the Company's portfolio where
subsidiaries of Carillion provided facilities management
services.
Services have continued to be provided in line with contract
specifications at all the affected facilities and there has been no
impact on the availability of the facilities to their public sector
users. The Company through its Investment Adviser has maintained an
active dialogue with all the affected users and we believe that
there has been no adverse impact on public services as a
result.
As at 30 April 2018 services have been transitioned to new
providers at 22 facilities (representing c.3% by investment fair
value). In the case of 14 of these locations this is on a permanent
basis and in the case of 8 facilities this is on an interim basis
but with the expectation that the transferee will take a permanent
transfer shortly.
At the remaining 2 facilities (representing less than 1% by
investment fair value) services continue to be provided via the
liquidator. At both facilities commercial terms for the transfer
have been agreed but local authority consent to the transfer is
awaited. At the remaining facilities we understand that an
agreement in principle has been reached for transfer but Amber
Asset Management Limited are not in charge of the process. All
transfers are expected to provide for the continuation of the
provision of facilities management services on no worse financial
terms than those which applied prior to the collapse of
Carillion
INPP reaffirms its guidance that it does not expect the costs
(including any known defects remediation costs) or any loss of
income to the Company associated with the collapse of Carillion to
exceed GBP1.5m (which in NAV terms would be approximately one tenth
of a penny per share) and will continue to work to reduce this
number if possible.
ENDS.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships (INPP):
International Public Partnerships ('INPP') is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships ('PPP'), private finance initiative ('PFI'), regulated
asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 129 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the UK, Europe, Australia and North America. INPP seeks
to provide its shareholders with both a long-term yield and capital
growth through investment across both construction and operational
phases typically of 25-40 year concessions.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists over 100 dedicated staff who manage, advise on
and originate investments for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
Important information
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
This announcement is an advertisement. It does not constitute a
prospectus relating to the Company and does not constitute, or form
part of, any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for, any shares
in the Company in any jurisdiction nor shall it, or any part of it,
or the fact of its distribution, form the basis of, or be relied on
in connection with or act as any inducement to enter into, any
contract therefor.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These forward-looking statements speak only as at the
date of this announcement. The Company, Amber and Numis Securities
expressly disclaim any obligation or undertaking to update or
revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or
circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Prospectus Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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